One area where most small business owners can improve their cash flow is in billings and collections. A thorough credit check before you offer payment terms is not enough. Here are the six best practices that can make a real difference in your cash balance at the end of every month. 1. Get it [...]
If the IRS kept all or a portion of the federal refund you were expecting, it may be because you owe money for certain delinquent debts. If that is true, the IRS or the Department of Treasury's Bureau of the Fiscal Service (BFS), which issues IRS tax refunds, can offset or reduce your federal tax [...]
So I normally wouldn’t buy into the whole gossip girl thing. I believe that if you focus on what you have to do, you know that it is your God-given direction and you are doing what you love, it does not matter what people say. That is a true statement and I agree with [...]
Budgeting and forecasting are two of the most important financial exercises performed by businesses, regardless of their size. Unfortunately, they are also two exercises that many businesses fail to perform accurately or efficiently. The biggest common problem is that most budgets and forecasts are created without any room for flexibility. Managers are told at [...]
If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the “bunching” strategy. The tax code allows most taxpayers to utilize the standard deduction or itemize their deductions if that provides a greater benefit. As a rule, [...]
If you are the owner of a small business, you are endlessly busy. Between keeping track of the day-to-day requirements and monitoring growth and profit, it’s easy to get overwhelmed and that means you might neglect important recordkeeping that will help you in the long term. Here are five helpful hints that will make [...]
Five-Year Anniversary of Healthcare Reform: It has been five years since the Patient Protection and Affordable Care Act (the ACA) was signed into law. Healthcare reform has certainly been controversial, but this controversy does not absolve some businesses of certain responsibilities when it comes to offering minimum essential healthcare coverage to their employees. [...]
“A sale isn’t a sale until you’ve collected payment — it’s just a loan,” a wise businessman once said. If you’ve been in business for any length of time, you know how true this is. Many small businesses that were profitable on paper have gone bankrupt waiting for payment from their customers to arrive. [...]
Two Great Options to Save Your Business Time and Money Small business owners often forget that they don't have to do everything themselves. Especially in this day and age where much of what we do is online, you can find many ways to get things done without actually doing them yourself. Automating and [...]
Have payroll income or be self-employed. There are a multitude of possible combinations. If so, the IRS withholding calculator is not suitable for your needs, and you will probably need professional assistance in determining a combination of estimated taxes and payroll withholding You Probably Need to Adjust Your W-4 One more thing about [...]